Life insurance helps you feel at peace knowing that your family will be cared for after you pass away. Here are four types of life insurance policies that may suit your needs.
Whole Life Insurance
A whole life insurance policy in Peoria, AZ, lasts over the course of your lifetime. You can include a death benefit in the policy or allow for a tax-deferred savings account structure that includes interest. Whole life insurance policies are among the most expensive options.
Term Life Insurance
Unlike whole life policies, term life insurance policies expire after a set period of time. This is the easiest and most affordable option for life insurance. The policy can be effective for up to 30 years or longer.
Universal Life Insurance
Universal life insurance offers you the greatest flexibility in your coverage. With whole life and term life policies, you cannot change the benefit amounts or premiums while the policy is in effect. The universal life insurance policy for Peoria, AZ, families does allow these changes, so you can adapt the policy as your lifestyle changes.
Final Expense Insurance
Final expense insurance is a very limited type of policy that only covers your funeral costs. Many families cannot afford to carry out the wishes of their loved ones with regards to funerals, burials, and cremations, so this policy is a valuable option. You choose what expenses you want included under the policy and the maximum benefit amount.
